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Year-End Close Process for GP
Bobby Haggard
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Agenda
• Pre-Close Steps
• General Overview
• Order of Operation
• Modules
• Questions
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Pre-Close
• Make sure all invoices, batches, fixed assets etc. are posted
• Review account types
• Verify if a 3rd party product requirements
• Take a back-up of the database
• Run through the close in a test company
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Dynamics GP
• Must close all sub-ledgers prior to closing General Ledger (In following order)– Payroll
– Inventory
– Receivables
– Payables
– Fixed Assets
– Analytical Accounting (if on an older version - GP 10.0 SP2 and before)
– General Ledger
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Payroll
• Payroll Update needs to be run before running first payroll of the new year
– This can be done prior to closing General Ledger
– Similar to applying a service pack
– Close will create a Year-End File. This is used to create W-2’s. These can be run manually or filed through Greenshades
• Allow extra time to test first payroll of year
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Payroll – W2s
• Install the latest Payroll Tax 2017 Update
• Complete all pay runs and postings for the current year
• Complete all month, period and quarter-end procedures for the current year
• Install the Year-End Update
• Create and Verify the Year-End file
• Install any Payroll Tax updates for 2018
• Close fiscal periods for the payroll series
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Inventory
• Ensure all inventory related trans. for the current year have been posted
• Items Updated by Close:
– Transfers all summarized cost and sales figures
– Updates the quantity on hand for each site
– Cleans up discontinued items
• No Year-End Closing Report
• Close the Fiscal Periods for Inventory to ensure transactions are not posted to prior periods
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Receivables
• Post all transactions & batches for the current year
• Reconcile the customer trial balance
• Items Updated by Close– Clear YTD finance charges
– Smartlist Objects
– Receivable Summary Reports
• Close the Fiscal Periods for Sales to ensure transactions are not posted to prior periods
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Payables
• Post all transactions & batches for the current year
• Reconcile the vendor trial balance
• Items Updated by Close (similar to Receivables)– Amounts Since Last Close
– Smartlist Objects
– Vendor Summary Reports
• Close the Fiscal Periods for Sales to ensure transactions are not posted to prior periods
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Payables – 1099s
• 1099s can be printed manually or filed through Greenshades
• Be sure vendor setup is done correctly prior to first invoice/check (Always get a W-9)
• You can manually edit 1099 amounts if needed (Purchasing->Cards->1099 Details)
• Print option is under Routines
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Fixed Assets
• Must close payables 1st
• Post any fixed assets related transactions and make sure assets are depreciated through the current year
• Items Updated by Close– Clear YTD fields for the current year– Costs and LTD depreciation are updated– Current fiscal year is updated to the next year
• Run year-end reports PRIOR to closing and be sure they reconcile to GL
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Analytical Accounting
• No separate year-end process
• The first time close on a newer version you will be prompted to move AA data to history
• If this is your first time closing with AA, verify the settings in the AA Options window.
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General Ledger
• Close all other modules 1st
• Make sure accounts are setup correctly
• Be sure to verify the settings in the GL Setup window
• Items Updated by Close– Moves Income Statement to Retained Earnings
– Rolls Balance Sheet balances forward
– Year is marked as historical
• Make sure to save the year-end close report
• Close the Fiscal Periods to ensure transactions are not posted to prior periods
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Questions
